Your tax residence status and domicile status affect the extent to which you are liable to tax. There is a difference between your country of domicile and your residence, especially if you are an expat. Many expats go through life not knowing what domicile is, or they assume that they are domiciled in the place…
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A Retirement Annuity Contract (RAC) is a type of defined contribution pension scheme, used as a method of saving money which will then be used to provide you with income in retirement. In return for your contribution or investment amount, you can take income in the form of regular payments from the contract or you…
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The short answer to “What is the difference between pension trusts and contract-based pensions” is that a Trust Pension is established by a settlor, and the assets within are set up in trust, whereas a Contract Pension involves an individual contract between an employee, or an individual and a pension provider. In both cases, the…
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Guernsey has one of the most modern regulatory regimes that conform to international finance and pension standards. In 2001 and 2017, Guernsey became one of the first jurisdictions in the world to regulate pension providers and rules. These and other regulatory and taxation rules make Guernsey a jurisdiction that is a safe place to keep…
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Stamp Duty Land Tax is a big part of the property buying process in the United Kingdom. It is a tax that every homebuyer or commercial property buyer has to pay, and the amount is usually a significant expenditure. Besides having to follow the SDLT rates, the amount you pay when you purchase a property…
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This article presents the history of Stamp Duty Land Tax and how this property tax changed over the years in the United Kingdom. Stamp Duty was first introduced in England in 1694 to help fund the war with France. It originally imposed tax duties on a range of legal documents, such as cheques, property and…
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Often, we hear our clients asking: Are Trusts safe? How can I ensure that the assets within the Trust remain under my control? When you settle some of your valuable assets into a Trust, you are actually handing over the legal title, or ownership, to the trustees. These days trusts are set up and administered…
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Many expats shrug off the idea of using Trusts because they feel they are complex or just for the benefit of the very wealthy. Most people are actually oblivious to the real reason why trusts are widely used by wise expats to structure and efficiently hold their valuable assets. Here, we will look closely at…
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At first sight news about inheritance and a large amount of cash or, in fact, other assets, such as property or stocks, will bring sadness at the passing of a loved one, are often followed by joy for the beneficiary. If those assets are not appropriately managed, they will quickly diminish and become a burden…
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Last time we looked at the stamp duty land tax (SDLT) situation from an overall perspective. Every property sold in the UK for more than £40,000 is assessed for SDLT and the amounts due are to be reported and paid to HMRC within 14 days of completion. We looked at some examples of sales at…
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